I joined my organisation on 1-July-2010 as a Graduate Engineering Trainee.I am suppose to be in training for a year but I only had a 7 day induction program and then was asked to work on projects like a permanent employee.
During the campus selection interview I was not informed of any Bond. My offer letter also does not mention any bond. My college (One of the prestigious colleges) has the policy -1 Placement per Student .After I joined the organisation I was asked to sign a bond.
The bond states that:
1) I shall work for my organisation for a period of 3 years after the successful completion of my probation period.
2) I undertake that I will pay a sum of 5, 00,000 (my 1st years CTC) which will be incurred by the company towards expenses for me.
My Questions:
1) Are this kind of bonds legal in India?
2) If I resign before my confirmation the bond should not be apply to me as I am still in my Probation period. Am I right?
3) I plan to do my further studies in 2012. If I resign after my confirmation can my organisation take any legal action against me? Also is there a way I can get my experience letter/acceptance letter from my organisation.
Kindly advice.
